This morning in metals news, China is poised to to impose anti-dumping duties on a number of countries, Nucor says it is happy with the results of the Trump administration’s tariffs and Brazilian miner Vale’s second-quarter output plunged.
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China to Hit Imports of Stainless Steel with Anti-Dumping Duty
China is set to impose an anti-dumping duty on imports of stainless steel from the E.U., Japan, South Korea and Indonesia, Reuters reported.
According to the report, the duties — covering billets and hot-rolled steel plates — will go into effect July 23.
Nucor ‘Pleased’ with Tariffs
Nucor CEO John Ferriola told CNBC the Trump administration’s tariffs on imported steel have worked.
“The anticipated response was domestic capacity coming on line to replace the lower imported steel,” Ferriola said during a CNBC interview last week. “That’s exactly what happened.”
Vale Output Down in Q2
Brazilian miner Vale reported its second-quarter iron ore output fell 33.8% year over year. Production was down 12.1% compared with Q1 2019, according to the miner.
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A January tailings dam collapse at Vale’s Corrego do Feijao mine in Brumadinho sent shock waves through the iron ore market and led to more than 200 deaths.
In addition, heavy rains in March, April and May also impacted operations.